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Liquidity event at American manager comes at fraught time for industry
No one is sure when AI's threat will strike, or where
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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High yield market darling Ardagh has joined in with the SPAC fever sweeping capital markets, announcing on Tuesday the merger of its drinks can business with a SPAC sponsored by billionaire Alec Gores. The combined business wasted no time in launching the debt finance for the deal, with a $2.3bn-equivalent four tranche green bond following on Thursday.
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Aston Martin has launched a £70m-equivalent tap of its $1.085bn 10.5% notes, which have been trading more than nine points higher than when they were priced last year in the teeth of market volatility leading into the US presidential election.
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Private equity firm Blackstone has launched into syndication a $360m loan that will support its leveraged buyout of India’s Piramal Glass. -
Philippines’ SMC Global Power Holdings, the power unit of conglomerate San Miguel Corp, has returned to the loan market for $200m.
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Guangzhou R&F Properties Co made a rapid return to the debt market this week for a $325m bond that proved popular with investors in the primary and secondary markets.
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Investors in search of extra yield are pushing CLO managers to once again add single-B tranches to deal structures, now that the volatile market conditions of 2020 have subsided.
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